Congresscritters should not be allowed to trade stocks. They are privy to data unknown to most citizens, making for obvious insider trading.
Austin Scott, the current “representative” (and I use that term loosely in this case) is the most active stock trader in Congress. He bought FuelCell Energy (FCEL) in 2020 and sold it in 2021 for a 780% gain. All the while sitting on the Commodity Exchanges, Energy, and Credit subcommittee. That is beyond insider trading. It’s just plain cheating.
Scott didn’t merely have access to profitable inside information, he had the power to make decisions that drove profit his way. He conducted 82 trades at a volume of over a million dollars while sitting in congress.
He should be under investigation, not running for another term of unethical trading.
Sens. Kirsten Gillibrand (D-NY) and Josh Hawley (R-MO) introduced the bi-partisan Ban Stock Trading for Government Officials Act, which would overhaul how members of Congress, the President, the Vice-President, senior executive branch officials, and their spouses and dependents would be able to invest. It would bar them from holding or trading individual stocks.
Austin Scott ran for Congress to serve Austin Scott.